Offer and Acceptance
Mutual Assent
Contract formation begins when one party makes an offer and the other party accepts it. The parties must demonstrate mutual assent to the same essential terms.
- Requirements of a valid offer.
- Methods of acceptance.
- Termination of offers.
- Counteroffers.
- Mirror image rule under common law.
- Acceptance under the UCC.
Note
The UCC allows more flexibility than common law regarding acceptance and additional terms.
Summary
Offer and acceptance establish mutual agreement between contracting parties.